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  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
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  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
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  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
Forex Analysis: GBPUSD Regains Foothold Above 1.60

Forex Analysis: GBPUSD Regains Foothold Above 1.60

2012-10-26 10:30:00
Ilya Spivak, Head Strategist, APAC
Share:

Strategy: Flat

Prices rebounded from resistance at 1.5911 – the 38.2% Fibonacci retracement – completing a Bullish Engulfing candlestick pattern and re-taking the 1.60 figure. The bulls are now challenging falling trend line resistance set from mid-September (1.6150), with a break above that exposing double top resistance at 1.6303. A reversal below 1.60 targets 1.5911 anew. Risk/reward considerations argue against entering a trade with prices right at resistance and we will stand aside for now.

Forex_Analysis_GBPUSD_Regains_Foothold_Above_1.60_body_Picture_5.png, Forex Analysis: GBPUSD Regains Foothold Above 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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